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Oil, steam and natural gas pipelines run through the forest at the Cenovus Foster Creek SAGD oil sands operations near Cold Lake, Alta., on July 9, 2012. The chief executive of Cenovus Energy Inc. CVE-T +2.73%increase says the federal government’s plans to eliminate future fossil fuel subsidies are little more than political rhetoric. Environment Minister Steven Guilbeault on Monday released conditions under which it will allow subsidies to the oil and gas industry. He couldn’t say how much financing would be affected, but officials said government programs that could be affected by the guidelines control about $1-billion in public money. Cenovus CEO Jon McKenzie told an investor call Thursday when asked about Ottawa’s plans that he’s not aware of any subsidies that are direct and unique to the sector. “I’ve been in this industry for a lot of years, and many of those years have been spent in finance. And I certainly remember writing a lot of cheques to the provincial and federal governments, but I don’t remember receiving a lot of cheques in return,” Mr. McKenzie said. Cenovus spent almost $4.5-billion on royalties and taxes in 2022, he added – the company’s single largest expense, far outweighing capital […]
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